In order to accurately assess the capital structure of a firm, it is necessary to convert its balance sheet figures from historical book values to market values. KJM Corporation's balance sheet $($book values$)$ as of today is as follows:

Long$-$term debt $($bonds$,$ at par$)$ $$22,500,000$

Preferred stock $1,000,000$

Common stock $($$$10$ par$)9,000,000$

Retained earnings $4,000,000$

Total debt and equity $$36,500,000$

The bonds have a $6\mathrm{.}7\%$ coupon rate, payable semiannually, and a par value of $$1,000.$ They mature exactly $20$ years from today. The yield to maturity is $10\%,$ so the bonds now sell below par. What is the current market value of the firm's debt? Do not round your intermediate calculations.

a$.$ $$16,178,679$

b$.$ $$16,078,344$

c$.$ $$16,776,372$

d$.$ $$16,129,689$

e$.$ $$17,462,099$